According to a report by CNBC-TV18, JSW Energy has received a letter of intent (LoI) for the resolution of KSK Mahanadi Power Company (KMPC). KMPC is a subsidiary of KSK Energy Ventures, which has been facing financial difficulties. The LoI is a significant step forward in the resolution process, which was initiated by the National Company Law Tribunal (NCLT) in 2019.
JSW Energy, a leading power generation company in India, has been competing with other bidders to acquire KMPC. The company had submitted a resolution plan for KMPC, which was approved by the Committee of Creditors (CoC). The LoI is a confirmation of JSW Energy’s bid, and it will now proceed to the next stage of the resolution process.
The acquisition of KMPC will enable JSW Energy to expand its power generation capacity and improve its overall operations. The company has been aggressively pursuing inorganic growth opportunities to increase its market share and competitiveness in the Indian power sector. The successful resolution of KMPC will be a significant milestone for JSW Energy and will demonstrate its ability to navigate complex corporate resolutions.